Binance alternatives
Compare the best alternatives to Binance for Canadian crypto traders.
By Andrew Boyd | Updated 17 Jul 2023
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Comparing Binance alternatives
On website
Highlights
- If you are new to crypto trading, Bitbuy is for you. Binance’s advanced tools are designed to support experienced investors.
- There are more cryptocurrencies listed on Binance compared to what’s available on Bitbuy, including many altcoins and NFTs.
- Based in Toronto, Canada, Bitbuy is regulated by FINTRAC and available throughout Canada. Binance is unavailable in Ontario.
Pros
Cons
On website
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Highlights
- Offers a substantial list of digital assets including many altcoins. Binance still offers more though.
- Coinbase offers recurring buys, like with Binance. Daily, weekly, or monthly available.
- Crypto stored on Coinbase servers is covered by its insurance policy.
Pros
Cons
On website
Highlights
- Binance has substantially more trading pairs than what's available with Coinsquare.
- Assets stored on either exchange are not covered by insurance, which is the case with others.
- Coinsquare is available for all Canadians and is a registered MSB with FINTRAC, unlike Binance.
Pros
Cons
On website
Highlights
- NDAX requires a minimum deposit of $100.
- Withdrawals from NDAX are more expensive compared to Binance.
- NDAX’s customer support is highly regarded and available 24/7.
- Both exchanges store digital assets in cold wallets.
Pros
Cons
On website
Highlights
- There are significantly more tradable crypto assets on Binance compared to CoinSmart.
- CoinSmart’s trading fees are simple and straightforward.
- Binance’s interface might be overwhelming to a new crypto trader compared to CoinSmart’s simple design.
- CoinSmart is based in Toronto and registered with FINTRAC. Binance is not available to Ontarians.
Pros
Cons
Highlights
- Shakepay only supports 2 major coins, Bitcoin and Ethereum. Binance has a much broader offering, including an NFT marketplace.
- Deposits and withdrawals are free at Shakepay.
- Although Shakepay does not charge a trading fee, take note that each transaction incurs a spread fee.
- Licensed as a Money Service Business by FINTRAC and the AMF, Shakepay is available for all Canadians. Binance isn’t available in Ontario.
Pros
Cons
Highlights
- Newton is clearly more geared towards a beginner trader. Its user interface is one of the best in Canada.
- You can fund and withdraw from your Newton account for free.
- Newton is built in Canada and is FINTRAC regulated. Binance is not and is unavailable to those in Ontario.
Pros
Cons
On website
Kraken
Highlights
- Kraken has a substantial choice of tradable assets, but Binance has more.
- Kraken’s trading and withdrawal fees are lower than they are on Binance.
- Binance is tailored for advanced traders while Kraken is best suited for beginner or intermediate traders.
- Kraken is FINTRAC-registered and available anywhere in Canada.
